BSBE(SZ:300406) EBSCN·2024-02-26 16:00Investment Rating - The report maintains a "Buy" rating for the company, with projected PE ratios of 23, 17, and 14 for the years 2023 to 2025 respectively [2][13]. Core Insights - The company is optimistic about the advancement of its new strategic development plan and the continuous empowerment from China National Pharmaceutical Group (Sinopharm) [2]. - The acquisition of a 25.21% stake in Xiamen Longjin Biotechnology Co., Ltd. by the company's wholly-owned subsidiary, Mai Xin Biological, is seen as a significant step towards strengthening its pathology segment and building a platform-type enterprise [11][12]. - Longjin Biotechnology focuses on tumor molecular pathology diagnostics, with a strong product lineup and expected high revenue growth over the next five years [12][18]. Summary by Sections Investment Overview - The company plans to invest 32 million yuan to subscribe to an increase in registered capital of 6 million yuan for Longjin Biotechnology, which values the company at approximately 94.93 million yuan pre-investment [11][18]. - Longjin Biotechnology has committed to achieving revenue targets of 5 million, 8 million, and 12 million yuan for the years 2024 to 2026, with a cumulative target of 25 million yuan over three years [18]. Financial Projections - The projected net profits for the company are 522 million yuan, 673 million yuan, and 834 million yuan for the years 2023, 2024, and 2025 respectively [2][28]. - The company expects a steady increase in revenue, with a growth rate of 20.11% anticipated for 2025 [28]. Market Position - The current stock price is 20.01 yuan, with a market capitalization of approximately 11.775 billion yuan [3][20]. - The company has a total share capital of 588 million shares, with a recent trading range between 16.00 and 24.80 yuan [20].